Best Banks In Colorado For June 2024 (2024)

The best banks in Colorado offer a wide array of products and services, to meet various customer needs from Denver and Colorado Springs to every (literal) corner of the Centennial State. Colorado’s top banks generally offer competitive interest rates and reasonable account requirements. They earn high ratings for customer satisfaction and offer convenient access through ATM and branch networks.

The Best Banks in Colorado for Branches

There are 72 banks operating within Colorado, and they have $84.7 billion in total assets, according to regulators at the Federal Deposit Insurance Corp. The FDIC says the state’s largest deposit markets include:

• Denver-Aurora-Lakewood
• Boulder
• Colorado Springs
• Fort Collins
• Greeley

Some banks cast a wide net with locations across the state, while others operate out of a single location. Banks with the most locations in Colorado include the national banks Wells Fargo, Chase and U.S. Bank.

The Best Banks in Colorado for Customer Service

Receiving the best service and support is paramount to a great banking experience. Below are the best banks in the Southwest region of the U.S. for customer service, according to J.D. Power’s 2023 Retail Banking Satisfaction Study. The list is topped by Colorado-based FirstBank.

The Southwest region includes banks located not only in Colorado but also in Arizona, Nevada, New Mexico, Utah and Wyoming. The region’s average customer satisfaction score was 635 out of a possible 1,000.

Types of Banks in Colorado

Not all banks work the same. Some serve specific types of clientele. Other financial institutions focus on business banking. For personal banking services in Colorado, the following bank types are most commonly used.

National Banks

National banks include the giant financial institutions with household names, large chains of branches and extensive ATM networks. They offer wide arrays of banking products, including checking and savings accounts, mortgages, credit cards and investment services. Of America’s largest national banks—namely Chase, Bank of America, Citibank and Wells Fargo—only Citibank doesn’t have much of a footprint in Colorado. It has virtually no physical locations in the state and is primarily accessible only via ATMs.

Regional Banks

The regionals tend to operate branches within a section of the U.S., like the Rocky Mountain states. These midsize banks typically provide mixes of banking products for consumers and businesses. Under the Federal Reserve’s definition, a regional bank has total assets of between $10 billion and $100 billion. By comparison, Chase boasts nearly $2.6 trillion in domestic assets alone.

Community Banks

More than 9 in 10 U.S. banks are community banks serving small geographic areas, according to the FDIC. Most of their depositors live within the local community, and that’s also where the banks make many of their loans. Community banks in Colorado may have as few as one or two branches where customers can go to apply for a narrow selection of banking products. The Fed says a community bank has less than $10 billion in assets.

Online Banks

If in-person support isn’t important to you, an online bank might be a good choice. Online banks offer digital banking and services, primarily through online access and mobile banking apps available in Colorado and pretty much anywhere else in the U.S. Some online banks are full-service and offer a wide range of products and services, while others provide limited account types. Online banks generally offer better rates and lower fees than more traditional banks.

How To Choose the Right Bank in Colorado

Selecting the right bank depends on your banking needs and what matters most to you in a bank. Consider the following factors when choosing where to bank.

Accounts and Services

Banks offer a range of products and services to meet various needs. Most banks provide popular accounts like savings accounts, checking accounts and certificates of deposit (CDs). Many provide expanded products and services like loans, credit cards and retirement and investment accounts. Determine what types of accounts you want to open before you choose a bank.

Fees

Banks charge fees for various reasons. They sometimes waive monthly maintenance fees if you maintain a particular account balance or meet other requirements. Bank fees can include charges for ATM usage, overdrafts, excessive transactions, wire transfers and late payments. Find a bank that doesn’t charge routine fees, or look for one that will give you a break on fees if you satisfy monthly requirements.

Interest Rates

Interest allows you to grow your savings in a bank. You want the most competitive interest rate to ensure your money keeps growing. Some Colorado banks offer the same rate regardless of your balance, while others provide tiered APYs, with the best annual percentage yields reserved for higher bank balances. Online banks and credit unions generally offer higher rates than traditional banks.

Convenience

When you bank, you want to know your money is safe but within reach at all times. Not all banks offer the same accessibility. Compare banks to find those that provide multiple ways to manage accounts and withdraw or move money quickly. Look for banks with sizable fee-free ATM networks or that let you manage accounts through a mobile banking app.

Customer Service

How you’re treated as a customer is just as important as the interest you’ll earn. Determine your support needs and communication preferences to find matching banks.

Do you prefer in-person service? Look at Colorado’s traditional brick-and-mortar banks. Are you comfortable banking on your phone or computer? If so, an online bank may be a better fit. More banks have begun to offer modern features like chat support, private messaging, virtual assistants and other digital tools.

Tips on Banking in Colorado

Compare bank accounts, features, rates, and other factors to create a short list of banks that fit your needs. Consider using multiple banks if you don’t find everything you need at one financial institution. Avoid banks with excessive monthly fees or that don’t offer ways to waive the fee each month easily.

If you’re unhappy with your decision later, you can switch to another bank that offers better rates and services.